14 sqm York Street, Sydney Normcore Coffee premises set for auction

14 sqm York Street, Sydney Normcore Coffee premises set for auction
Staff reporterDecember 7, 2020

The Normcore Coffee premises on York Street in the heart of the Sydney CBD is set for an auction at the end of August.  

Located at Lot 1, 37 York Street, the ground floor coffee shop is the outlet of a Sydney based coffee roasting company.

The store represents one of the three shops they own and operate.

Market sources believe the 14 sqm offering may sell for around $1.5 million to $2 million.

According to Nick Lower, Director, Metropolitan & Regional Sales, NSW at Savills Australia, the Australian coffee market and Sydney has the presence of several single store independent coffee shops, who tend to differentiate themselves based on the quality of their coffee ordered.

Located on the door step of Wynyard Station, the listed property will be auctioned later this month by Nick Lower and Selin Ince of Savills Australia.

Normcore Coffee have just signed a new five year lease.

The site is exposed to 200,000 pedestrians daily.

Mr Lower said offshore interest in the property has been "off the charts."

He has seen strong interest from Vietnamese, Indonesian, Korean, Singaporean and Malaysian buyers who are looking for "a safe haven investment with a strong return."

He said, “with only a small number of offerings being made available in the core of the Sydney CBD, the undersupply of opportunity has led to an increase in demand from investors – looking for ‘blue chip, safe holdings."

“No matter what happens in the economy, or even in life, everyone who drinks it, needs their daily coffee fix to jump start their morning, and the hundreds of people walking past 37 York Street certainly enjoy what Normcore has to offer."

According to recent data, 75 percent of Australians have at least one coffee per day, and of those, 28 percent have more than three cups per day.

His team has experienced record numbers of enquiries with a 27 percent increase in numbers over the first week.

Lot 1, 37 York Street Sydney will be offered by onsite auction outside Normcore Coffee on the 30th of August 2019.

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